{
  "id": 1667203,
  "title": "California’s billionaires just poured $40 million into blocking a wealth tax that threatens to force them to pay 5% of their net worth",
  "url": "https://urgent.news/2026/08/18/californias-billionaires-just-poured-40-million-into-blocking-a",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-18T07:00:00.000Z",
  "source": {
    "name": "Fortune",
    "slug": "fortune",
    "url": "https://fortune.com/2026/08/18/california-billionaires-chris-larsen-john-doerr-40-million-fresh-funds-building-a-better-california-proposition-40/"
  },
  "original_language": "en",
  "account": "California's billionaires are joining forces to oppose a proposed billionaire tax that would impose a 5% levy on their wealth. Venture capitalist John Doerr and Ripple's executive chairman Chris Larsen have each contributed over $10 million to Building a Better California, a political action committee formed to fight Proposition 40. The group boasts an endowment of $110 million and is spending $87 million on advertising to sway public opinion ahead of the November election. Despite a recent poll showing that 48% of likely voters support the tax, opponents argue that it could hurt innovation in the state.",
  "summary": "Billionaires have amassed a nine-figure war chest to defeat Proposition 40 as polls show California voters are nearly split on the one-time tax.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}